Business economics pdf for b com 1st

1. MEANING Business Economics is also called as Managerial Economics.
It involves application of economic theory and practice to business.
In business, decision making is very important.
Decision making is a process of selecting one course of action out of available alternatives.

What is economics in B Com 1st year?

Economics is the study of scarcity and how it affects the use of resources, the production of goods and services, the growth of production and well-being over time, and many other important and complicated issues that affect society..

Why is business economics important in Fybcom?

Knowledge of business economics helps manager to do production and cost analysis.
Production analysis helps to understand process of production and to make optimum utilisation of available resources.
Cost analysis on the other hand helps firm to identify various costs and plan budget accordingly..